Mr. X from our society (Pune, Maharashtra) had approached society committee for transfer of his shares relating to his flat in the name of his wife, pursuant to the gift deed. Before the committee could initiate transfer, committee received letter from sales tax dept that Mr. X has unpaid dues and hence the office has claim of the flat and we should not initiate transfer without NOC from the dept. After few months Mr. X cleared the dues and accordingly dept wrote another letter revoking earlier letter. Now my question is: 1. can committee proceed to transfer the shares as per his requirement or should ask him additionally to submit indemnity bond stating that he has cleared all the statutory dues and there are no dues pending which might impact the transfer of shares and that he will indemnify society for any claims pertaining to that period if arises in future? 2. If the above bond is proper, then is it required on INR 500 stamp paper with notorized
If the sales tax department issues NOC then why would you requiere the indemity bond, still any lien from any department shall be on property and the owner shall be reposnsible to pay the dues. Let him submit the NOC from Sales Tax department and you are free from any burden to traverse through unwanted procecedure.
However for indemnity Bond you need the stamp paper of Rs 500.00
1. The gift deed has to be adequately stamped and registered, and a notarized copy has to be submitted to the Society.
2. It is in the interests of the Society to ask for an Indemnity bond on ₹500/- stamp paper duly notarized.